The price of has been ranging, as market worries whipsaw between optimism on a reopening global economy versus the resurgence of COVID-19 in many parts of the world which might delay the resumption of business as usual. As well, other concerns include OPEC+ allowing more output and a cyclical cutback in Chinese demand.
One headwind for crude has been the outlook for green energy under the Biden Administration. The prediction being made by some is that oil could start sinking, beginning in 2023, plummeting to as little as $10 by 2050.
Meanwhile, analysts at Goldman Sachs forecast that oil will hit $80 this year, as the market will find itself shockingly low on supply relative to the surging demand brought about by the restarting economy. In the investment bank's view:
“The magnitude of the coming change in the volume of demand—a change which supply cannot match—must not be understated.”
This supply and demand conflict is visible on the chart.